§ 157-14. Types of bonds authority may issue. - North Carolina Statutes

§ 157‑14.  Types ofbonds authority may issue.

An authority shall have power to issue bonds from time to time in itsdiscretion for any of its corporate purposes. An authority shall also havepower to issue or exchange refunding bonds for the purpose of paying, retiring,extending or renewing bonds previously issued by it. An authority may issuesuch types of bonds as it may determine, including (without limiting thegenerality of the foregoing) bonds on which the principal and interest arepayable from income and revenues of the authority and from grants orcontributions from the federal government or other source. Such income andrevenues securing the bonds may be:

(1)        Exclusively the income and revenues of the housing projectfinanced in whole or in part with the proceeds of such bonds;

(2)        Exclusively the income and revenues of certain designatedhousing projects, whether or not they are financed in whole or in part with theproceeds of such bonds; or

(3)        The income and revenues of the authority generally.

Anysuch bonds may be additionally secured by a pledge of any income or revenues ofthe authority, or a mortgage of any housing project, projects or other propertyof the authority.

Neither the commissioners of an authority nor any person executing thebonds shall be liable personally on the bonds by reason of the issuancethereof. The bonds and other obligations of an authority (and such bonds andobligations shall so state in their face) shall not be a debt of any city ormunicipality and neither the State nor any such city or municipality shall beliable thereon, nor in any event shall such bonds or obligations be payable outof any funds or properties other than those of said authority. The bonds shallnot constitute an indebtedness within the meaning of any constitutional orstatutory debt limitation of the laws of the State. Bonds may be issued underthis Article notwithstanding any debt or other limitation prescribed in anystatute.

This Article without reference to other statutes of the State shall constitutefull and complete authority for the authorization, issuance, delivery and saleof bonds hereunder and such authorization, issuance, delivery and sale shallnot be subject to any conditions, restrictions or limitations imposed by anyother law whether general, special or local. (1935, c. 456, s. 14; 1939, c. 150, s. 2.)